Don’t panic, government tells exporters after US trade decision

Department of trade & industry director-general Lionel October. Picture: TREVOR SAMSON

The US this week narrowed its list of developing and least-developed countries to reduce the threshold for triggering a US investigation into whether nations were harming its industries with unfairly subsidised exports. There were fears that the move could mean SA losing billions of rand in export revenue.

“It should be recalled that under the Uruguay Round negotiations, SA was treated as a developed country and was required to undertake deep and wide tariff reductions that have contributed to deindustrialisation and high unemployment in SA,” tThe Uruguay round of trade talks were the largest in history and involved 123 countries.

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